iProov has picked up a new client in the financial sector. Paxful operates a peer-to-peer financial exchange platform that uses cryptocurrencies to facilitate payments, money transfers, and other kinds of transactions.
The company will be using iProov’s Liveness Assurance tech to verify the identities of people signing up for the platform. In that regard, customers are asked to take a photo of a driver’s license or another identity document during the onboarding process. They are then asked to capture their facial biometrics. Liveness Assurance ensures that a real person is present for the interaction, and that that individual is in fact the person depicted on the identity card.
The technology will also be used to authorize subsequent transactions after an account has been created. Those sending money will be asked to complete a facial recognition scan to confirm their identity, and the transaction will go through if the new image matches the face that is already on file with that account. The facial scan is intended to replace passwords and One-Time Passcodes as part of a faster and more secure authorization process.
“Our mission is to provide greater access to Bitcoin by building a financial system that serves the global economy,” said Paxful Chief Compliance Officer George Georgiades. “To properly do so, we need to ensure we provide the highest level of security and peace of mind to users. iProov’s technology allows us to safeguard against fraud and theft for our community while ensuring continued access and growth of the platform.”
iProov believes that its tech will stop those who want to use forged or synthetic identities to perpetrate account takeovers and new account fraud. Liveness Assurance can function on any computer or mobile device with a compatible camera. iProov is currently embroiled in patent litigation with FaceTec, though the company has still managed to sign Finema and Ignition-Innovation as new clients in the past few months.
July 6, 2022 – by Eric Weiss